Today, the mortgage interest rate on a 30-year fixed mortgage is 7.37%, according to Curinos, while the average rate on a 15-year mortgage is 6.53%. On a 30-year jumbo mortgage, the average rate is 7.

Some U.S. consumers are optimistic about the housing market in 2025, believing there's a chance mortgage rates and home prices drop. But how likely is that to really happen?

These are today's mortgage and refinance rates. Mortgage rates fell thanks to cooler inflation data. But it's uncertain where they'll go next.

"While I'd love to say rates will drop below 6% in 2025, I think it's a moderate probability and not a certainty," says Steven Parangi, a licensed mortgage loan originator and owner of Alpine Mortgage Services. His view aligns with the Mortgage Bankers Association's prediction that rates will stay between 6% and 7% throughout the year.